Goodyear plans three more years of cost cutting

Robert Keegan, chairman and CEO of Goodyear Tire and Rubber, the world's largest tire company,
announced today that its 3 year-old turnaround efforts
would continue for another 3 years. A key element of the continued turnaround will be plant closings designed to reduce
"high cost manufacturing capacity" by up to 12 percent, yielding annual savings of as much as $150 million.
The company will also increase Asian sourcing and improve productivity. It is continuing to sell off non-core
businesses, this week announcing the possible sale of its Engineered Products enterprise.

Goodyear is aiming for total cost reductions of between $750 million and $1 billion by 2008.